W.H. pledges action this month.

President Barack Obama will go for immigration reform and gun control this month, the White House tells the left-leaning Huffington Post. Obama’s actions will reportedly be done “quickly.”

“An Obama administration official said the president plans to push for immigration reform this January. The official, who spoke about legislative plans only on condition of anonymity, said that coming standoffs over deficit reduction are unlikely to drain momentum from other priorities. The White House plans to push forward quickly, not just on immigration reform but gun control laws as well,” reports the Huffington Post.

“The problem is at the consumer level, confidence is low and that is because, as you showed, showed we had underemployment with one out of every six Americans. The worst element of that is that among the unemployed, against the American history, more than approaching half, have [been] unemployed for over six months. That is historically unprecedented in the United States. That is a phenomenon that is seen often in Europe, rarely seen here. In 2007 the average time to get a new job was five weeks. It’s now near six months. And that implies a whole segment of the population, the more elderly or the middle-aged who may never get employed again.”

Krauthammer is not the only one.

An AARP report in March 2010 found that the middle-aged were hit hardest by the recession and stay unemployed the longest.

A drumbeat of disappointing data about consumer behavior, factory sales and weak hiring in recent weeks has prompted economists to ratchet down their 2011 economic forecasts to as little as half what they expected at the beginning of the year.

Two months ago, Goldman Sachs projected that the economy would grow at a 4 percent annual rate in the quarter ending in June. The company now expects the government to report no more than 2 percent growth when data for the second quarter is released in a few weeks. Macroeconomic Advisers, a research firm, projected 3.5 percent growth back in April and is now down to just 2.1 percent for this quarter.

Two years into the official recovery, the economy is still behaving like a plane taxiing indefinitely on the runway. Few economists are predicting an out-and-out return to recession, but the risk has increased, with the health of the American economy depending in part on what is really “transitory.”

Economists say the unexpected shocks from Japan and the Middle East in the first half of the year go only partway toward explaining the deceleration. Many worries remain: housing prices have continued to fall, hiring is weak, wages are flat, growth in emerging economies like China and India is slowing and the debt crisis in Europe could have ripple effects.

What’s more, government stimulants like the payroll tax cut and the extension of unemployment benefits are scheduled to expire at the end of this year. With the underlying economy undeniably tepid, economists are concerned that further shocks to the system could knock the country off its slow upward trajectory.

“The likelihood of a negative surprise is bigger than the likelihood of a positive surprise,” said Jerry A. Webman, chief economist at OppenheimerFunds.

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Jobless Benefit Claims Up 9,000 Last Week

Well, what do you know: More Americans applied for unemployment benefits last week, adding to evidence that the job market is weakening. The Labor Department says applications rose by 9,000 to a seasonally adjusted 429,000. It was the second increase in three weeks and the biggest jump in a month. Applications have been above 400,000 for 11 straight weeks.

Employers added only 54,000 net new jobs in May, much slower than the average gain of 220,000 per month in the previous three months. The unemployment rate rose to 9.1 percent from 9 percent in April.

The economy needs to generate at least 125,000 jobs per month just to keep up with population growth. And at least twice that many jobs are needed to bring down the unemployment rate.

Fed officials said in a statement that they think the main causes of the economy’s slowdown, such as high gas prices and supply disruptions from Japan’s disasters, are temporary. Once those problems subside, Fed officials said the economy should rebound.

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1.9 Million Fewer Americans Have Jobs Today Than When Obama Signed Stimulus

How’s that “hopeandchange” working for you? Did that $787 BILLION economic stimulus package do anything for you? Apparently it hasn’t done much for anyone.

CNSNews.com reports that 28 months after Congress passed President Obama’s signature economic stimulus law, and nearly one year after he declared the summer of 2010 to be “Recovery Summer,” 1.9 million fewer people are employed.

In February 2009, the Bureau of Labor Statistics reported that 141.7 million people were employed. By the end of May 2011 – the last month for which data are available – that number had fallen to 139.8 million, a difference of 1.9 million.

While the number of people with jobs has increased slightly from its low point during the recession – 137.9 million in December 2009 – those 1.9 million jobs have been lost despite $800 billion in stimulus spending.

This does not mean that the economy is not creating jobs, but rather that it is not creating jobs fast enough to keep up with a combination of layoffs and people entering the job market for the first time. This begs to question Obama’s oft-repeated claim that the economy is recovering and creating jobs.

Think this is funny? Yesterday Obama spoke in North Carolina at a “jobs council” meeting. Obama joked that “shovel-ready was not as shovel-ready as we expected”. Guess “hopeandchange” was meant to be a joke after all.